HMM setback as Korea Line wins latest Hanjin bid

HMM setback as Korea Line wins latest Hanjin bid

In another setback to Hyundai Merchant Marine’s (HMM) plans to bolster its fleet by picking up parts of the defunct Hanjin Shipping empire, it has been outbid for Hanjin’s transpacific operations.

A court in Seoul today revealed compatriot Korea Line Corp had beaten HMM to Hanjin’s transpacific operations, a parcel of business that includes five 6,500 teu boxships and a stake in a terminal in Long Beach, California.

HMM has already lost out on most of the largest Hanjin boxships with HSH Nordbank swooping last month to take nine neopanamaxes, six of which have since gone on charter to Maersk and three to MSC.

HMM is trying to boost its fleet size to secure its application credentials to join 2M, the vessel sharing agreement between MSC and Maersk.

Many more Hanjin vessels are for sale around the world at the moment with analysts in South Korea increasingly thinking the line, once the nation’s largest, will be liquidated next month.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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